Currently, USD/JPY is trading at 112.61, down -0.21% on the day, having posted a daily high at 112.92 and low at 112.56.
BOJ's Nakaso: Aiming for 2 pct inflation would stabilize FX
USD/JPY has started out in the Tokyo with offers to and below key support. USD/JPY has been struggling to hold onto rallies through the 113 handle where big offers are sighted where the range on Tuesday before the Tokyo open had been between USD/JPY range has been 112.66-113.19. There is scope for higher on a push through the 113 handle should big money get back involved as was witnessed in the prior Asian session with a big fund taking the spot all the way to 113.17.
Fed officials 'looking hard' at Dec rate hike - UOB
However, in the US session, the greenback slipped back on worries over Powell's catch up at the bookies for the Chair position at the Fed who is sighted as to more of a dove than Yellen or Warsh. After a deadbeat day on Wall Street in terms of data and impetus, not so much the record highs seen again in the S&P 500 where cheap money remains the key driver, markets now turn to Fed's Yellen's opening remarks at a banking conference in St. Louis. And we have the ADP & ISM data on Wednesday.
USD/JPY levels
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart maintains a neutral-to-bullish technical stance." Indicators continue heading nowhere around their mid-lines, but the price is developing well above bullish moving averages, with the 100 SMA now standing around 111.70," she added.
Valeria also notes that the pair still needs to accelerate through 113.25, where it topped last week, to be able to advance further, eyeing then a major static resistance at 114.40. "Still the pair can continue ranging ahead of US employment data to be released next Friday, usually a big market mover for the pair," Valeria concluded.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.